Bermudian-headquartered international specialty re/insurer SiriusPoint Ltd has launched its inaugural Environmental, Social and Governance report.

The report provides an overview of the company’s ESG policies, actions and commitments to create a more sustainable and socially-minded business.

SiriusPoint said its global ESG practices and goals are detailed within four key pillars: governance and ethics; our people and communities; sustainable reinsurance, insurance and investments; and our environment.

The company said the report describes SiriusPoint’s actions to address the issues facing its business, employees and communities, including the global impact of climate change and the Covid-19 pandemic.

The report also addresses SiriusPoint’s efforts and commitments to promote diversity, equity and inclusion and combat racial inequality.

Sid Sankaran, chairman and chief executive officer of SiriusPoint, said: “As a newly combined company, we are working to embed responsible and sustainable practices across each element of our business.

“We are at the beginning of our ESG journey and our inaugural report outlines the positive foundation we have to build on. Our ambition to apply and adhere to sound ESG principles makes good business sense for long-term value creation and is central to our fundamental purpose to help our customers and communities thrive. I look forward to sharing more about our progress."

In the 18-page report, “Helping our Customers, Colleagues and Communities Thrive”, Mr Sankaran writes: “At SiriusPoint, our fundamental purpose as a re/insurer is to help our customers and communities thrive by providing essential support when they need it most. We are committed to operating a sustainable business, where we actively encourage our stakeholders to do the right thing.

“Our vision is to grow our business, create value, and positively impact a changing world by being the most adaptive re/insurer in the market. By design, our purpose, vision and values reflect a strong focus on ESG.”

Mr Sankaran said the company’s core values are to “be yourself, be open, be entrepreneurial and be pioneering”, adding: “Our values encourage us to celebrate diversity, apply our skills and passion to make a positive impact and develop innovative solutions for our customers, partners, and communities in an ever-changing global environment.”

He added: “I am proud that our executive leadership team – one-third of whom are women and almost half of which are racially or ethnically diverse – reflects our commitment to diversity and inclusivity.

“Our initial ESG report is intended to provide a snapshot of where we are on our ESG journey following the merger of Sirius Group and TPRE and to provide an initial roadmap of our plans to create a more sustainable and socially-minded business.

“We intend to do things differently and challenge ourselves to lead by example. Our ESG journey starts at the top of our organisation by setting the right tone for our colleagues globally. We take that responsibility seriously and intend to hold ourselves accountable.”

SiriusPoint launched in February as a result of the merger of Sirius International Insurance Group Ltd and Third Point Reinsurance Ltd to form a reinsurance company with more than $3 billion in capital.

To learn more about SiriusPoint’s ESG efforts across its global offices, click here.